Visa, whose Chinese name is Visa, is a credit card brand. On March 6, the company announced that it would stop its business in Russia. Later, a number of Russian banks, such as the Savings Bank of the Russian Federation, announced that they would turn to China UnionPay and began to issue cards using the UnionPay payment system to the public. China UnionPay is a joint bank card organization in China established in March 2002 with the approval of the State Council and the People's Bank of China. It can be seen that China UnionPay is a joint bank card organization in China, and all banks have to conduct transaction clearing business through China UnionPay. Visa is just a credit card brand and a company headquartered in the United States.

What's the difference between them?

China UnionPay is a state-owned enterprise and a financial institution. Its main business is very many, and it can be paid online and offline, and it has close ties with all banks. Visa has credit cards and debit cards, and it is only used in some areas. In some areas, Visa credit cards are not used at all. As far as the scope of use is concerned, Visa is much narrower than China in one year. After being sanctioned, many Russian banks will transfer payment through China UnionPay, which can change the status quo of Russian cardholders.

The impact of this matter on Russia.

Relevant data show that in 2020, Visa and another credit card platform accounted for 70% of Russian payment transactions. Therefore, the suspension of visa business still had a great impact on Russia, but Russia immediately sought the help of China UnionPay and established cooperation with China UnionPay. These credit cards are very popular in western countries, but many people in China have never heard of them. Only some people who use overseas transactions will use Visa credit cards, so some netizens hope that China can also have a certain proportion of this business, so they can use their own credit cards.

abstract

The war between countries is so cruel. Once most of a country's business is related to other countries, it is particularly vulnerable to sanctions from other countries in special circumstances.